The price of Ethereum (ETH) is trying to rise above the $1,580 and $1,600 resistance levels. However, ETH failed to gain speed above the $1,580 level and a simple 100-hour moving average, similar to Bitcoin (BTC).

harga ethereum
Ethereum Price Today

 

Based on the analysis of the tradingview.com website, the highest Ethereum price is formed near $1,583 and sees the latest bearish reaction. There is a sharp move below the $1,550-40 level. The low was formed and was near $1,529 and now the ETH price is trying another wave of recovery. There is a move above the Fib retracement level of around 50% of the downward movement from the swing high of $1,583 to the swing low of $1,529. The price of Ethereum is now trading down below $1,580 with a modest 100-hour moving average. On the bright side, the price faces a resistance zone near $1,560. There is also a major bearish line formed with a resistance zone near $1,560 on the hourly chart of the ETH/USD pair.


The first major resistance is close to the $1,570 zone. The figure is close to the Fib retracement level of around 76.4% of the downward movement from the swing high of $1,583 to the swing low of $1,529. The next major resistance is near $1,580, above which the price will probably start a decent rally. The next major resistance is near the $1,600 zone. A close above the $1,600 resistance zone is likely to start a new rally. In this case, the price may rise towards the $1,700 level. If the Ethereum price fails to clear the $1,580 resistance, it could start another decline. The initial support on the downside is near the $1,540 zone. The next major support point is near the $1,540 zone. If there is a breakout below $1,520, it is likely that the price will drop to $1,465. Further losses also require a test of the $1,420 level. 


also read :

Ethereum Price Is Around $1,540 Support Zone

 

Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading. Get the latest news and articles from other GIC Indonesia, you can check on Google News every day to find out the latest updates about the world of forex to crypto. Also trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!

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